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Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said he expected mortgage approvals to remain on an upward trend.
But once the federal debt issue is resolved, he said he expected mortgage rates to fall back to the range they are in now.
Glenn Crellin, an economist for the National Association of Realtors, said he expected mortgage rates would drop one-fourth to one-half percentage point more.
James W. Christian, chief economist for the United States League of Savings Institutions in Chicago, said that he expected mortgage rates across the country to remain at the same level, or drop slightly, through the end of this year.
If, as expected, mortgage lenders pass on the full hike to their customers, today's move will cost homeowners with an average £65,000 mortgage around £10 month, and first-time buyers, who on average have a loan of around £100,000, will see their repayments rise by £15 a month.
Start by determining what your monthly house payment will be, then subtract your current mortgage or rent from that number (tip: don't forget to add homeowner's insurance and taxes to your expected mortgage payment!).
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Many sellers and real estate agents, meanwhile, still expect mortgage preapprovals.
Many economists also expect mortgage rates to rise in coming months.
The Mortgage Bankers Association of America expects mortgage lending to top $1.8 trillion this year, surpassing 1998's record of $1.5 trillion.
While Mr. McBride doesn't expect mortgage rates to go lower, he said they will probably not go higher either.
"We expect mortgage revenue to continue to be elevated in the third quarter and possibly into next year," said Jason Goldberg, a banking analyst at Barclays.
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